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India attempts to strengthen currency

06-26-2012 05:14 BJT

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India’s central bank, the Reserve Bank of India, has made moves to prevent a further slide in the value of the rupee against the US dollar. It has raised the investment limit in government debt for foreign buyers from 15 to 20 billion dollars.

The bank has also reduced the lock-in period for foreign investment in government bonds from five to three years. The move was widely expected after a weakening rupee hit a record low of 57.32 against the dollar on Friday. It is hoped it will entice an inflow of foreign funds into the currency that will help stabilize it.

 

Editor:Zhang Jingya |Source: CNTV.CN

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